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Kenneth Research recently added a report on ' Polyvinyl Chloride (PVC) Market ' which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Polyvinyl Chloride (PVC) Market products.
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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Global Polyvinyl Chloride (PVC) Market Expected to Reach USD 115.6 Billion by 2026 according to a new report published by Polaris Market Research. Polyvinyl chloride is a vinyl chain polymer and is one of the largest produced synthetic commodity chemicals. The global PVC market id majorly driven by its high demand in some of the rapidly growing end-use industries such as electrical & electronics, building & construction, automotive, and packaging.
Polyvinyl chloride is manufactured in two grades, which include rigid and flexible and are have versatile applications globally. Some of the rigid polyvinyl chloride applications include door & window frames, pipes, bottles, credit cards, and other non-food packaging. Wires, cables, sheets, films, profile, pipes, fittings, and sidings are some of the applications for flexible polyvinyl chloride.
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Rising global population in tandem with the increase in disposable incomes has led to growth of many end-use industries that are high consumption areas for polyvinyl chloride. Growing construction industry has mainly projected growth for rigid polyvinyl chloride. Massive demand for consumer electronics products increased the demand of polyvinyl chloride in electronics industry. Modernized and lightweight automotive products have also led to steady growth in the consumption of polyvinyl chloride.
Technological developments are also a crucial factor for the flourishing growth of PVC industry. Modified PVC, PVC-M, oriented PVC, and PVC-O are the result of technical advancements and are used across a wide array of applications. This industry has also witnessed technical developments in terms of controlling harmful emissions. A significant result in this arena includes 99.45% reduction in lead additives and 90% compliance with the PVC Industry Energy and Greenhouse Gas Emissions Charter.
Asia Pacific is the most popular regional market for the polyvinyl chlorides. This regional demand is mainly driven by increased consumption from China, India, Indonesia, Vietnam, and Thailand. China became the world's largest PVC importer around 1990s and as a result massive investments in the vinyl capacities and has huge capacities in excess today.
Western Europe and North America are the two mature markets for the polyvinyl chloride. The United States is the largest exporter of PVC where the offshore PVC markets have remained a significant outlet for the U.S. producers on account of its low-cost position that provides them an edge of shipping competitiveness globally. These two regions have almost similar market size with subdued capacities.
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Global polyvinyl chloride market comprises of large number of multinationals and regional players. Some of the major companies include China National Chemical Corporation, Formosa Plastics Corporation, Occidental Petroleum Corporation, Mexichem SAB de CV, INOVYN, Saudi Plastics Products Company Ltd, LG Chem, SABIC (Saudi Arabia Basic Industries Corporation), and Shin-Etsu Chemical Co. Ltd .
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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